Partnership Taxation Concepts and Planning Strategies (Full-Day Course)
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Deep-Dive Course on Partnership Taxation Issues from Top Instructor
Partnerships are rapidly growing in popularity and practitioners will encounter partnership tax issues regardless of their area of specialty. Setting up partnerships and complying with the Internal Revenue Code sections that govern partnerships present some thorny problems for tax practitioners to solve as they seek to translate the intentions of the partners into tax reality. Debt allocations, distributions, bringing in new partners, sales of partnership shares and terminations all present myriad tax questions that require careful consideration. Join nationally recognized tax practitioner, instructor and commentator James Hamill, CPA, Ph.D., for this full-day online CPE seminar (8 hours CPE credit) that provides a practical review of how to deal with the most commonly encountered partnership tax issues from a planning and compliance perspective.
Speaker: James R. Hamill
Program Topics
- Applicability of SE tax to partnership income, including LLC members
- The economic effect test for respecting partnership allocations
- Allocations of partnership nonrecourse deductions
- Section 704(c) allocations of built-in gains and losses
- Determining partner's shares of recourse debt
- Determining partner's share of nonrecourse debt
- Sales and exchanges of partnership interests
- Section 743 adjustments to basis for a purchasing partner
- Tax treatment of distributions of money and property
- Section 734 basis adjustments for partnership distributions
- Partnership terminations
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